Before you can plan a budget for medical school, you need to understand what your current financial situation is. Write down how much school, credit card and other debt you have. Create a list of all income and expenses. If you are unsure of what you normally spend on certain budgetary items, keep track of your spending for a month or two in order to figure it out. Once your list is complete, tally up the numbers to find out how much money you have to work with each month.
Applying to several medical schools will help to ensure you have more than one school to choose from. One school might give you a full scholarship, while another would cause you to go into mountains of debt. Be sure to consider the financial package when deciding which medical school you are going to attend.
Numerous grants and scholarships are available to people interested in attending medical school. This is especially true if you have a specialized area of medicine you are interested in studying or if you plan on serving impoverished communities following graduation. Check with online scholarship search engines and with any community or professional groups you belong to in order to see what might be available to you.
Look for a job on the campus of your medical school or work in a related field off-campus. While grants and scholarships can help you, odds are good that you will need a little extra money to bridge the gap and pay the bills. By working part-time, you can fill the gap and hopefully keep yourself from needing to incur lots of debt to finish your education.
If finances are tough when you are in medical school, do not be afraid to take a semester off here and there to work full-time and earn some extra money. Though it will take you longer to finish your education, you will not have to spend as much time paying off debts once you graduate.
Once you know what money is coming in from grants, scholarships and work, you can complete your budget. Write down all of the expenses you have, making sure to include books and other school supplies. If there is still a gap between the money you need and the money that is coming in, see if you can cut out any expenses. Think about getting some school loans or going to school part-time and working full-time to pay for your education if you cannot cut out any expenses. When it comes to school debt, a little planning goes a long way and saves you lots of hassle down the line.